Adelphia Board,
Under Pressure,
Will Explore Sale

By

Peter Grant and

Dennis K. Berman Staff Reporters of The Wall Street Journal

Updated April 23, 2004 12:01 a.m. ET

Under pressure from creditors, the board of Adelphia Communications Corp. voted to explore a possible sale of the company, a deal that could fetch over $20 billion and trigger another round of consolidation in the cable industry.

Analysts and industry veterans expect broad interest in the country's fifth-largest cable operator in terms of subscribers, which was forced to seek Chapter 11 U.S. Bankruptcy Code protection in June 2002 after an accounting and fraud scandal erupted. The company's operations, which serve some 5.4...